GUJCOT WEEKLY REPORT 01-JUN-2024
Posted : July 20, 2024

Market Movement from 27th May 2024 to 01st Jun 2024.

  •  
  • At the start of the week, NY futures showed a bullish trend and crossed 82 after a long period. However, the rally was short-lived. Rains in Texas and some macroeconomic factors caused prices to drop in the last two days of the week, resulting in the market closing with a significant loss. July futures experienced a week-over-week loss of 437 points, and December futures closed with a week-over-week loss of 290 points. The July-December inverse narrowed to just 104 points.
  • In the latest U. S. Export Sales Report for the week ending 23-May-2024, U.S. export sales showed significant activity. For the 2023-2024 marketing year, net upland sales reached 2,22,600 bales, with upland shipments at 1,72,200 bales. Net Pima sales were 5,400 bales, and Pima shipments totaled 6,300 bales, resulting in total sales of 2,28,000 bales. Looking ahead to the 2024-2025 marketing year, net upland sales were 78,100 bales, and net Pima sales were 200 bales, bringing the total to 78,300 bales.
  • Shipment is not significant to meet target of 12.3 M bales.
  • The Gujcot Spot Rate showed minor fluctuations, starting at 56,900 on Monday and gradually increasing to 56,950 on Tuesday and 57,100 on Wednesday. The rate then slightly declined to 56,850 on Thursday and further decreased to 56,700 on Friday. The trend indicates a peak mid-week with a subsequent slight downward correction towards the weekend, with Saturday's rate at 56,450.
  • All India arrivals remained steady at around 40,000 to 45,000 bales per day, with Gujarat contributing 15,000 bales daily.
  • The Indian physical market remained near stable with a slight downward trend.
  • Basis players' offers were very high at the start of the week but decreased sharply following the decline in NY futures.
  • With the sharp decline in NY futures, the Indian basis shoot up to a new high. During the week basis remained between 4.91 to 10.50.
  • Indian mills are buying only for their current requirements, so the market remains steady.
  • The USD-INR exchange rate experienced a steady increase, starting at 83.13 on Monday and rising to 83.17 on Tuesday. The upward trend continued with the rate reaching 83.34 on Wednesday, followed by a slight dip to 83.31 on Thursday. The rate then climbed to a peak of 83.46 on Friday, indicating a general strengthening of the US dollar against the Indian rupee throughout the week.
  • The monsoon landed in Kerala ahead of schedule, and the IMD has predicted a better monsoon for the whole of India.
  • Let's hope for the best.

Latest News
PCCA Cotton Market Weekly 19-Jul-2024
  • After trading back and forth throughout the week, cotton futures found support and made marginal gai
U.S. EXPORT SALES
  • 2023-2024 Net Upland Sales 27,200 Upland Shipments 1,13,100 Net Pima Sales 3,800 Pima Shipment
Cleveland on Cotton 12-Jul-2024
  • Bearish Report Keeps a Cap on Cotton Prices These are the fun days in the cotton market. USDA rel